Key Private Bank to run portfolio management on Charles River system
Key Private Bank, the wealth management division of KeyCorp, has selected Charles River Wealth Management for its portfolio management, trading, and compliance.
According to Joe Calabrese, national head of investment, fiduciary and banking services at Key Private Bank, the new system selection creates “significant opportunities” for his firm
“This signals a new chapter in the evolution of our business, and we are excited that we can better serve our clients by trading in all security types while reducing risk and improving efficiency across our investment functions.”
Key Private Bank holds $40.8 billion in assets under management, and delivers its services to high-net worth and ultra-high-net worth clients in 15 states.
Randy Bullard, global head of wealth at Charles River, says that for firms like Key Private Bank, “centralising portfolio management and trading operations sets the stage for transformational growth. An enterprise, scalable platform that supports the needs of wealth managers is essential in today’s competitive marketplace.”
Charles River, which was bought by US financial services giant State Street in July 2018 for $2.6 billion, claims that more than $28 trillion is managed using its systems.
The firm expanded on an outsourcing contract with UK-based mortgage firm Legal & General in December last year.